Equine insurance experts answer your questions about insuring Thoroughbreds for the breeding and auction realms. Email us at [email protected] if you have a question for an insurer.
QUESTION: How do the process, options, and rates differ for insuring a broodmare prospect compared with a veteran broodmare?
BRYCE BURTON: The process of having a broodmare prospect insured is the same as insuring a veteran broodmare. In order to bind coverage, obtaining a quote from your agent is the first step. Once the quote is accepted by the insured, the agent will instruct the company to issue the policy on the owner's behalf. Unless the mare is purchased at auction, a veterinary certificate or statement of health form will also need to be completed on the mare in order to bind coverage.
The coverage options for both a broodmare prospect and veteran broodmare are Full Mortality, Prospective Foal, and Barrenness coverage. Full Mortality coverage, also known as all-risk coverage, will cover the mare for death due to any cause. Once the mare is confirmed 42 days in foal, the owner will also have the option to place Prospective Foal Insurance, covering the mare's unborn foal until a specified amount of time after birth. Lastly, the owner has the option of placing Barrenness coverage on the mare, which insures that the mare will get in foal given that she is covered by the stallion a minimum of two times during two separate oestral periods. Barrenness coverage is more likely to be placed on a broodmare prospect or young broodmare in conjunction with a No Guarantee season purchase.
The rates can differ when insuring a broodmare prospect as opposed to a veteran broodmare. The Full Mortality rate for a broodmare prospect will be the same until the mare is roughly 13-15 years old, depending on the carrier. At that time, the mare is considered overage and the Full Mortality rate quoted by the carrier will be higher. When placing Prospective Foal and Barrenness Prospective Foal insurance coverages, there are a handful of variables that will directly affect the rate provided by the company. Generally, insuring a prospect or young broodmare for Prospective Foal and/or Barrenness will result in a more favorable rate than a veteran, which is more likely to have a blemish on her produce record.
Bryce Burton is a property and liability specialist for Muirfield Insurance. He is from Frankfort, Ky., where he grew up an avid race fan. His Thoroughbred racing fandom combined with a collegiate internship in the insurance industry, culminated in a start in the equine insurance field. Bryce has been with Muirfield Insurance since 2014, following his graduation from Transylvania University in Lexington
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